Free Trial

Richmond Mfg Adds To Downside Risk To ISM

US DATA
  • The Richmond Fed mfg index missed in Oct, falling from 0 to -10 (cons -5), following equally sized misses for Empire (-9.1 vs -4.3 exp) and Philly (-8.7 vs -5.0 exp).
  • The average -9.3 for the three is close to the Aug low of -11, as the Regional Fed surveys continue to signal risk to more significantly sub-50 ISM readings after yesterday’s 2pt decline in the preliminary mfg PMI to 49.9 – see chart (MNI Chicago PMI released Oct 31, ISM Nov 1) .
  • Supply chains: “There was little indication of supply chain relief since August, as the indexes for vendor lead time and backlog of orders remained steady, although both have improved dramatically since earlier this year”.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.